Small Business Statistics
Every day, you interact with employees and customers, providing the goods and services that your community needs and providing jobs to members of the community as well. Though you experience the happenings of a small business owner on a daily basis, first hand, it can be enlightening and informative to get to know how other small business owners in the country operate, what they sell, how long they’ve been in business, what problems they struggle with, etc. For that reason, we’ve compiled the following list of worthwhile statistics regarding small business owners in the U.S.
- In 2008, there were 29.6 million small businesses in the United States
- According to information provided by CNN Money there are 290 entrepreneurs per 100,000 people
- Vermont, Montana and Colorado have the most small businesses per 100,000 people (Vermont = 550, Montana = 530, Colorado = 490
- In 2005, San Jose’s individuals and small businesses won 732 utility patents, the most of any city in the country. (CNN Money)
- The Small Business Optimism Index decreased 0.3 point to 88.0 last month from November, as reported by the National Federation of Independent Business
- Two percent of small businesses are franchises
- Seven out of ten new employer firms last at least two years
- About half new employer firms survive five years
Fun Facts Friday
It’s Friday and the weekend is in plain sight. But before we scatter off to our various post work-week activities let’s dedicate a few more moments to what you’re best at…small business.
Below are a few small business fun facts that you may find intriguing, odd or even useful.
- The domain name business.com, was sold for $7million, one of the highest amounts paid for a single domain name…ever.
- Forty-eight percent of all small, employing businesses, excluding hired-manager operated businesses, have two or more family members who own the business
- Sixty percent of small family-business owners have one or more other family members work more than 20 hours per week in the business for wages or salary whether or not in a management capacity
- In 2008 there were approximately 29.6 million small businesses in the U.S.
- Typically 7 percent of Americans are self-employed. Ed Potter, President of the Employment Policy Foundation, predicts this rate could grow to as high as 10% in the next few years.
*Do you know of any other fun facts about small business? Feel free to comment below.
Don’t forget to contact Merchant Resources International for your merchant cash advance of up to $500,000.
Obama Talks Small Business
If you’re like many other Americans, you probably tuned in to watch President Obama deliver his State of the Union Address last night. As a small business owner, you also probably noticed that the future of small business in America was a hot topic.
Below are some of the proposals concerning small business owners that were put forward.
- Take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat
- New small business tax credit – one that will go to over one million small businesses who hire new workers or raise wages
- Eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.
These proposals sound great, however, after experiencing “The worst financial crisis since the Great Depression” small business owners have come to realize the importance of the availability of an alternative to bank loans.
The proposed incentives, along with the availability of other alternatives, such as the merchant cash advance, will play a huge role in helping small businesses to become more profitable and increase jobs.
Alternative funding methods like the business cash advance allow small business owners to have options, putting small business owners themselves in charge of the futures of their businesses, rather that the banks or the government.
Initial Jobless Claims Drop to One Year Low
Is there light at the end of the tunnel? Let’s cross our fingers.
This past four weeks has seen fewer Americans sign up for jobless benefits as figures have shown that executives are becoming more and more confident about economic recovery.
This past 4 week average has declined to 473,750 from the previous 4 week average of 481,500, based on Labor Dept. figures. Since December 2007 (when the recession began), our economy has shed some 7.2 million jobs. This improvement is a pretty good indication that companies will begin hiring again soon, which will fuel consumer spending and lead to sustained economic recovery.
Another good sign came today from the Commerce Department which reported that the U.S. trade deficit unexpectedly shrank 7.6 percent in October and is much smaller than economist predicted.
Of course it is still too early to break out the party favors, but these signs could be a telling indicator that economic recovery may be gaining steam.
Small Business News # 3
SBA Loans Easier to Get?
The Obama administration has announced new initiatives to help increase lending to small businesses. The Small Business Administration and the Treasury Department plan to increase the maximum sizes of 7(a) loans, 504 loans and microloans.
**Note: Small business owners who do not qualify for SBA loans may apply for unsecured business cash advances. Furthermore, merchants who already have bank loans may use business cash advances as additional funds.
America’s Top 10 Small Public Companies
Forbes recently released its list of America’s top 200 small companies. “Our list of the 200 Best Small Companies in America begins with a search for companies that show both sales and earnings growth,” wrote Kurt Badenhausen and Christina Settimi. The top 10 on the list are as follows:
- Lumber Liquidators
- Allegiant Travel
- Quality Systems
- LHC Group
- Green Mountain Coffee Roasters
- Transcend Services
- Rackspace Hosting
- NVE
- American Public Education
- American Science & Engineering
Small Business Reading
Top five books in “Small Business and Entrepreneurship” on Amazon, as of October 23, 2009:
1. The Big Book of Small Business: You Don’t Have to Run Your Business by the Seat of Your Pants - Tom Gegax and Phil Bolsta
2. Small Business For Dummies (For Dummies (Business & Personal Finance)) – Eric Tyson and Jim Schell
3. Small Business Start-Up Kit – Peri Pakroo J.D.
4. How to Succeed as a Small Business Owner … and Still Have a Life – Bill Collier
5. The Small Business Owner’s Manual: Everything You Need To Know To Start Up And Run Your Business – Joe Kennedy
